New York Fed GDP falls to 8.6% for the first quarter after this week’s data

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The US economy is expected to grow 8.6% in the first quarter of 2021 and 4% in the second quarter, the latter showed on Friday. Nowcasting Report from the Federal Reserve Bank of New York.

“The news of this week’s data releases lowered the immediate forecast for the first quarter of 2021 by 0.1% and increased the immediate forecast for the second quarter of 2021 by 0.1%,” the publication explained. “Negative surprises from international trade data explained most of the first quarter decline, while positive surprises from ISM manufacturing survey data explained most of the increase in Q2 2021.”

Market reaction

The US Dollar Index largely ignored this report and was last seen gaining 0.4% on the day at 92.00.

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